An example of one of my very few uses for "Minimize"…
Launch Activity Monitor. From its "Window" menu choose "Show Floating CPU Window"/"Vertically". Position the slim window to the right of your disk icon(s), a space of not much use. I like to have that particular CPU indicator permanently there – there are are plenty of others, but this one is so easy to quickly glance at.
Now I sometimes want to look at the Activity Monitor main window, but I certainly don't want it permanently visible.
If I
hide Activity Monitor I lose the CPU wndow – no good.
If I close the main AM window I have a bit of nuisance when I want to see it – click on the CPU window to bring AM to the front, then use a key combo or a menu – Nah! Too fiddly.
BUT…
If I Cmnd-M (minimize) the main AM window syphons itself down into that little icon in the dock, which doesn't bother me in the slightest…
a) leaving just the CPU window I want on permanent display,
b) a single click on that little icon brings up the AM main window on those occasions when I want to see something in it.
…exactly what I want!
G5 2.1GHz Mac OS X (10.4.8)